PR-042-2018: Advisory on PAYSMART Limited Philippines

The Philippine Embassy in Muscat relays the information to the public that according to the Philippine Securities and Exchange Commission (SEC), PAYSMART LIMITED PHILIPPINES (“PAYSMART”) is not a registered corporation or partnership and is not authorized to solicit investments from the public as it does not have prior registration and/or license to solicit investments as prescribed under Section 8 of the Philippine Securities Regulation Code.

PAYSMART is allegedly offering to the public a 30% Return on Investment (“ROI”) in just 15 days or 60% ROI in 60 days with just a minimum of investment of US$23 to US$9,000.

The Embassy reiterates to the public, particularly Overseas Filipino Workers in Oman, to exercise caution when investing their money in these types of schemes that promises huge profits in a very short period of time.